RIGA - Parex Bank, Latvia's largest financial institution in terms of assets, increased capital by 10.5 million lats (15.6 million euros) through a closed share subscription in December, in which the bank procured 36 new shareholders.
The bank set the subscription price at 2.43 lats per voting share and 2.21 lats per non-voting share and managed to sell a total of a total of 4,580,485 shares (1,886,629 voting and 2,693,856 non-voting).
Investment funds East Capital, Danske Capital Finland and Firebird bought up 31.4 percent of the voting and 84.7 percent of the nonvoting shares.
A further 43 legal entities also acquired shares during the offering, which closed on Dec. 15, 2003.
Parex now has 64 shareholders. After the issue, founding partners Valery Kargin and Viktor Krasovitsky own 92 percent of the voting shares.